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Author Question: In a two-person exchange, if the price offered to the seller is less than the opportunity cost of ... (Read 65 times)

ishan

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  • Posts: 546
on: Jun 30, 2018
In a two-person exchange, if the price offered to the seller is less than the opportunity cost of production, the exchange will not take place.
  Indicate whether the statement is true or false

Question 2

If labor is the only variable input, an increase in the quantity of labor:
 a. does not have any effect on the quantity of output.
  b. causes the output to increase initially at a diminishing rate and then at an increasing rate.
  c. causes the output to increase at a constant rate till the last worker is hired.
  d. causes the output to increase initially at an increasing rate and then at a decreasing rate.
  e. causes the output to decrease at a constant rate till the last worker is hired.


yeungji

  • Sr. Member
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Reply #1 on: Jun 30, 2018
Answer to Question 1

T

Answer to Question 2

d


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